Stock-quotation system



May 23, 1939.

H. C. ROBINSON STOCK QUOTATION SYS TEM Filed oct. 17,v 1952 6 Sheets-Sheet l H. c. ROBINSON 2,159,107

STOCK QUOTATION SYSTEM Filed Oct. 17, 1932 e sheets-sheet 2 .May 23,1939.

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321: ICIFEFIEIC. .CI- L lCnCl-FIEI VL. I I l E f r Hmm@ RP l r INI l May 23, 1939. H. c. ROBINSON STOCK QUOTATION SYSTEM Filed Oct. 17, 1932 6 Sheets-Sheet 3 May 23, 1939.' H` C, ROBINSON 2,159,107

STOCK QUOTATION SYSTEM Filed Oct. 17, 1932 6 Sheets-Sheet 4 May 23, 1939. H. c. ROBINSON STOCK QUOTATION SYSTEM 6 Sheets-Sheet 5 Filed Oct. 17. 1932 H. C. ROBINSON STOCK QUOTATION SYSTEM Filed OCT.. 17, 1932 6 Sheets-.Sheet 6 May 23, 1939.

Patented May 23, 1939 UNITED STATES PATENT 'OFFICE s'rocx-ooom'rron srs'nm Harold C. Robinson, Chicago, IIL, selig-nor, by

menne assignments, to Associated Electric Laboratori, Inc., Chicago, Ill., a corporation ot Delaware 'I'he present invention relates to stock-quotation systems in general, but is concerned more particularly with stock-quotation systems wherein quotations set up at a transmitting station in one city are transmitted to stock-quotation receiving boards in such city and are also transmitted to stock-quotation receiving boards located in a distant city.

The object of the present invention is the production of suitable circuit arrangements and related apparatus to enable inter-city transmission of stock4 quotations to be automatically eii'ected under the control of a transmitter which is transmitting stock quotations to stock-quotation receiving boards local to the city in which the stockquotation transmitter is located.

GENERAL Dlscarrrron 'I'he present invention has been embodied in a zo system for operating a telegraph transmitter from the stock-quotation transmitting station of the National Teleregister Corporation in New York city, which telegraph transmitter transmits impulses representative of the stock quotations over a multiplex telegraph circuit to a telegraph re-v ceiver in a distant city, Philadelphia, for example. The telegraph receiver has circuits associated therewith for retransmitting the stock quotations over. local circuits to the several stock-quotation '30 boards in the same city.

Referring now to the accompanying drawings, comprising Figs. 1 to 7, they show by means of the usual circuit diagrams a. suicient amount of apparatus in a system embodying the principles of the invention to enable the invention to be understood. Figs. 1 to 4 show the four transmitters, TI, T2, T3, and TI, located in the transmitting station of the National Teleregister Corporation in New York city, together with the telegraph transmitter which transmits the stock. quotations over the inter-city telegraph line L under the control of the above-mentioned transmitters. Fig. 5 shows the telegraph receiver located on the distant end of the inter-city telegraph line L for the purpose of receiving the stock quotations and sending them out by way of the stock-quotation repeater R to receivers located, for example,

in the offices of subscribing brokers.

Fig. 6 vshows a suilicient amount of one of thev receivers to enable the operation of the receiver to be understood, being a modification of the receiver shown and described inthe application of Robinson' et al., Serial No. 462,114, tiled June 18, 1930. This receiver is also shown and described in British Patent No. 384,671.

Fig. 7 is a table showing the code in accordance with which the quotation digits are delivered to the receivers in the distant city, the receivers' REI and REZ, Fig. 6, for example.

As is generally known to those familiar with g the recent commercial developments in the art o! transmitting and receiving stock quotations, the transmitting station maintained for the past few years in New York city by the National Teleregister Corporation includes fourr transmitla ters (transmitters TI, T2, T3, and T4, Figs. 1 and 2). Each of these transmitters includes sending apparatus operating under the control of key-controlled digit-registers to transmit groups of decimal impulses indicative of the selling prices 15 of stocks or other similar items. A complete quotation, as transmitted by one of these transmitters, includes three so-called stock-code digits (a stock-hundreds digit, a stock-tens digit, and a stock-units digit); a stock-range digit (which 20 has a value indicating whether the quotation concerns the previous closing price, todays opening price, the high price, the low price, the last price or a combination of these, such as high and last) and a maximum oi.' four price digits (price- 25 hundreds, price-tens, price-units, and price-fractions). The stock-code digits and the stockrange digit are transmitted irst, accomplishing the selection of the desired stock and stock range.

Next, a maximum of four so-called restoration 30 digits are transmitted (ten impulses in each digit) to restore the hundreds, tens, units, and fractions registers in the selected stock and range to blank position, preparatory to the resetting operation. The iinal portion of the stock quotation is next 35 transmitted and consists of the registered price digits. The impulses in the price digits go to the magnets of the selected indicators to advance them the proper number of steps to display the digits of the quotation. One form of transmitter 40 such as described is shown in Patent #1,945,470, granted January 30, 1934.

In Fig. 1, eight groups of terminals are indicated (SH, ST, SU, SR, PH, PT, PU, and PF). 'I'hese terminals connect to the corresponding 45 bank contacts associated with the sendingswitches which control the sending of the several digits of a stock quotation. Terminals SH, ST, and SU are connected with the conductors or contacts that control the transmission of stock-hundreds, 50 stock-tens, andstock-units digits, respectively; terminals SR are connected to the conductors that control the transmission of the stock-range digit;. and terminals PH, PT, PU, and PF are connected to the conductors that control the As is well known, the volume of business transacted on the New York Stock Exchange is such that a single operator cannot ordinarily vset up' the quotations as fast as the transactions are made. Accordingly. arrangements are made for a maximum number of four operators to be engaged in setting up the quotations, each operator controlling the keys of a separate one, of the transmitters Tl to T4, Figs. 1 and 2. In order.

to facilitate the allotment of 'quotations amongst the operators, the stocks are divided into two groups in accordance with their designations, and all quotations of the first stock group are handled by transmitters TI and T2, while the quotations 'concerning the other stock group archandled by transmitters Tland T4. In a similar way, two receivers are ordinarily provided at each brokers board, one receiver receiving quotations set up on transmitters TI and T2, and the other receiving quotations set up on transmitters T3 and T4; a common indicating or display board is povided.

`Iirorn the foregoing, it will be seen that it is necessary to maintain a distinction between the stock quotations sent out from transmitters Ti and T2 and the stock quotations sent out from transmitters T3 and T4. The way in which this distinction is maintained when the common line L is used will be described hereinafter. It may be pointed out that two separate transmission lines are provided in the New York territory, one over which the transmitters Ti and T2 transmit their quotations to the New York receivers, and another over which the transmitters T3 and T4 transmit their quotations. Suitable interlocking y arrangements are provided so thatv the trans.

mitters TI and T2 cannot both be transmitting at' the same time, and similar interlocking arrangements are provided in connection with the transmitters T3 and T4.

The telegraph line L extends from the vtransmitting distributor, Fig. 3, to the receiving distributor 500, Fig. 5, by way of the transmitting repeater 343 and the receiving repeater 513. The distributors 300 and 500 may bemaintained in continuous synchronous operation by anyv desired. method employed in multiplex telegraphy. 'I'he stock-quotation digits to be transmitted are applied to transmitting ring 3| Il of the distributor 300 by the codrs CI and C2, Fig. 3, operating alternately. The coder Cl includes control relays. 32i-33I and code relays 332-335 (corresponding respectively to lthe units A to D of the assigned code, Fig. 7 The coder C2 is similar to the coder C I 'I'he coders CI and C2 are connected by means of the conductors in cables III and H 2 to the contacts of the digit-sequence relays' DSRI- DSR4, Figs. 1 and 2. 'Ihe digit-sequence relays DSRi are composed of relays I2I--I23, and they. correspond respectively to the digits of a stock quotation as set up on the transmitter TI. The digit-sequence relays associated with the transmitters T2, T3, and T4 are similar to the digitsequence relays DSRI.

'I'he connecting relays |23 and NIA-4203 render the digit-sequence relays eiiective in the proper order, and are in turn controlled by the transdinitter-sequence relays TBA and TSB. When connected up. the digit-sequence relays DBRI or DSR# are controlled over the conductors in cable III from the segments in the nrst half oi' the rings 304 andA 305, while the relays in groups DSRJ and DBR4 are controlled over the conductors in cable H4 fromthe segments in the second half of the rings 334 and lll.

.Relays PHI, PII, and PUI, Fig. 4, are connected with the transmitter TI and relate to the hundreds, tens, and units price digits. These relays are controlled in accordance with the number of price digits which are to be transmitted and they in turn control-the price-range code relays MII- 403, group PRA, to govern the transmission of a price-range digit (indicative of the number of price digits in the quotation) vThe relays PH2, PT2, and PU2 are similarly associated with the transmitter T2, and they also control the relays Mii-403 as above pointed out. Similarly, the relays PH3-P'U3 and PH4-PT4 are associated in a similar way with the transmitters T3 and T4, and they control relays PRB (similar to relays PRA) to eil'ect the transmission of a price-rangedigit relative to any stock in the group 'handled by the transmitters T3 and T4.

The relays 34| and 342, Fig. 3, operate to control the transmission of a so-called transmitteridentifying digit or receiver-selecting digit at the beginning of the transmission of the stock quotation.

It is to be noted that relays 3| 3 and Ill are associated with the coder CI and the relay 313 is associated withthe coder C2. These'relays control the sending out of the digit blank (corresponding to the eleventh digit value in the assigned code, Fig. 7). Relay 3H is operated to controlthe relays 332-334 when the price-hundreds digit is blank (which indicates that the price-hundreds register is to be restored to blank position); the relay 3l6 controls the transmission of the digit"blank in the price-units position; and the relay 3|8 controls the transmission of the digit blank in the price-tens position.

'I'he relays 3I6-3l3 are controlled through the contacts of the range-control relays shown in the lower right-hand corner of Fig. 4, the purpose and nature of which controlwill be explained more fully hereinafter.

At this point it may be mentioned that there is an eleventh key in the keyboard (in addition to digit keys I to Il!) for setting up the eleventh digit indication blank on any one of the price registers PH, PT, and PU of a stock-quotation transmitter. The ,operation'of this key for the price-hundreds digit, for the price-tens digit, or

for the price-units digit results in a ground potential being placed on the eleventh conductor, Fig. 1, in each case. This ground potential is employed in the transmitter to prevent the transmission of indicator-resetting impulses, while permitting the transmission of a series of impulses to restore the indicator to blank position. In addition, a twelfth\key is provided, which twelfth key causes the grounding of conductors Il and l2 in groups PH, PT, and PU, Fig. 1. The grounding of conductor Il has the above-mentioned result of preventing the transmission of resetting impulses, while the grounding of con.- ductor l2 prevents the transmission of restoration impulses to the concerned indicator, with the result that the indicator is left in its previous position. As noted, the eleventh key is known as theblank key, while the twelfth key is known as the no reset key.

f should be kept in mind as they have an influence on the design ofthe telegraph" transmitter and upon the inten-relation of the circuits, as will appear hereinafter.

In the telegraph receiver ol Fig. 5, the incorn-g ing impulses receivedby way of the receiving repeater 5|3 arev distributed through rings Ill and 504 by brush v50| to the register relays in registers RI to R4, each oi' the registers being rendered eil'ective five times during a complete operation of the distributor 000 (corresponding to two complete quotations) .Y The register RI includes code relays 52|-l24 and the sending relay 520. Each of the registers R2, R3, and R4 is similar to the register RI. The rings 50k-I0! control the locking and unlocking of the operated code relays in the register, while the ring vSII controls the successive operation of the sending relays, `such assending relay 020 of the register RI.

` repeater R repeats the stock-quotation signals over a number of lines, of which two lines are indicated. Each line is a four-conductor` line comprising conductors A to D. Each line may ex concerning the stocks in group 2 (transmitted byv the transmitters T3 and T4, Fig. 2). As pointed out hereinbefore, the receivers REI and RE2 are similar to the receivers in the hereinbefore-mentioned application of IRobinson et al., suilicient of the circuits of the receiver REI being shown to clearly indicate the modifications which have been made in the receiver fully disclosed in the said Robinson et al. application.' i

It may be pointed out that the relays BIH-004 are the receiving line relays; relays ||04||01 are the slow-acting holding relays; and relays H01, |I02, 605, and 006 are the relays which operate to select the receivers REI and RE2 for operation.

One feature disclosed in Fig. 5 and not found in the said Robinson et al. application is that the receivers are automatically cleared out for reoperation without the necessity for introducing a pause between successive quotations, while the introduction of a pause between successive quotations causes the release of the holding relays IIl4-I |01 and clears out the equipment incase the receiving operation has got out of synchronism with the transmitting operation.

Another feature of the receiving equipment is that ground potential is temporarily locked on the holding conductor associated withv the slowacting holding relays ||04| |01 while the price digits are being received, whereby the restoration of all of the holding relays in the event that one or more price digits are omitted does not cause a premature clearout of the receiver.

Dn'rsrm Dasoarmon The system having been described generally, a detailed description of theoperation oi' the apparatus shown will now be given. .For this purpose it will :be assumed that the operator at the transmitter TI has manipulated her keys so as to vcause the stock quotation .|22 |04| to be set up.

The digits 1, 2, and 2 are the stock digits. set up on conductor groups SH, 8T, and BU of the transmitter TI, respectively; the fourth digit (1) is'the stock-range digit corresponding to the first conductor in group SR, while the last four digits are the price-hundreds, price-tens, price-units, and price-fractions digits, corresponding to conductor groups PH, PT, PU, and PF of the transmitter Ti.

Operation of the telegraph transmitter Coincident with the final key operation in setting up the quotation, terminal |3| in the transmitter T| (associated with the start conductor of the transmitter TI) becomes grounded. Grounding the terminal |3| closes a circuit over start conductor |a in cable |09 for'start relay 4|| in the transmitter-sequence group TSA, by-

way of contacts of the cut-oil relay 4|0. When start relay 4I| operates, it prepares operating circuits for relays 4|0 and 4|4 at its inner armatures and a locking circuit for relay 4|4 at its lower armature, while at its upper armature it applies ground potential to conductor Ib in cable |00, thereby operating relay |32, Fig. l, to open a point in the circuit of the so-called TR relay in the transmitter Tl so as to prevent the transmitter TI from clearing out and destroying the instant registered quotation before the quotation has been completely transmitted by the telegraph transmitter. This precaution, it may be pointed out, is not ordinarily necessary but may be necessary in case the digit values are all low and the distributor 300 happens to be quite a distance from its starting position when the set-up of the quotation in the transmitter is completed.

With start relay 4| operated as above pointed out, as soon as brush 302 of the distributor 300 arrives in a position to ground the A-start segment AS, start relay 4|4, common to transmitters TI and T2, is operated over conductor 4 in cable 3|I and through contacts of relay 4| I. Upon operating',v start relay 4|4 closes a locking circuit for itself at/ its inner lower armature through contacts off/the operated relay 4I| and contacts of the unoperated relay 4|0. At its upper armature relay 4| 4 prepares a circuit for cut-off relay 4| 0; at armature 43| it operates connecting relay |29 through the lower contacts of start relay 4| I and over conductor 4|5; at armature 432 it places a ground potential on conductor 4|1 so as to operate the desired combination of relays in the A price-range group (PRA) by way of the contacts of relays PHI, PTI, and PUI; and at its lower armature it extends a ground potential by way of conductor 5 in cable 3|| to operate relay 34| to prepare for the transmission of a receiver-selecting impulse to select the receiver REI, Fig. 6.

Now, when the continuously moving brush 303 arrives on the rst segment in ring 3 I 0, it sends a positive marking impulse from the front contacts ofthe operated armature of relay 34| over the line L by way of the transmitting repeater 343.

Prior to the transmission of the above-mentioned receiver-selecting impulse (by Way of the ilrst segment in ring 3| 0) the stock-hundreds restock-tens relay |22 is operated over conductor 2in cable I2 and the first segment in ring las soon as the distributor 200'starts the new rotation. The operation ot relay I2I connects the conductors I to I0 in cable I with the corresponding terminals in group 8H of the transmitter TI, thereby operating one oi the digit-relays 22|-220 of the coder CI. In a similar way a digit-relay in the coder C2 is operated responu sive to the operation oi' the stock-tens relay |22.

Specically, the ilrst relay in the coder CI is operated over the associated conductor I and the secondrelay (not shown) 'in the coder C2 is operated over the second conductor in-cable II2,

m to code the first two digits 1 and 2 oi the stock quotation. Relay 220 iails to operate, because its chain circuit is opened by relay 22|. Responsive to the operation of relay 22| in coder CI the A and B code relays 222 and 222 are operated to place positive marking potential on the A and B segments in the stock-hundreds group SH in the rst halt oi' the ring 2|0, while the A and C code relays (not shown) 1in the coder C2 are operated to place marking potential on the A and C segments in group ST in the rst half of ring 2I0. As a result, the stock-hundreds and stock-tens digits are transmitted over the line L by the brush 202, following the transmission of the receiver-selecting digit over the rst segment of ring 2|0.

As the operation of the distributor 200 proceeds,

ythe conductors 2 to 0 in cable |I2 are grounded progressively by brush 20|, resulting in the progressive operation of the relays |25 to |20 inthe digit-sequence relay group DSRI. The progressive operation of the relays in the group DSRI is accompanied by the progressive restoration of the relays already operated, so that only two of the relays are operated at once and insuring that either of. the coders C I and C2, Fig. 3, is under the control of only one group of digit conductors at a time. The code -relays in the coders CI and C2 accordingly control the application of marking and spacing potential to the conductors in cables 3|I and SI5 so as to' control the transmission of impulses in accordance with the digits set up on the transmitter TI. i

Since the present quotation contains the full number of price digits, none of the relays PHI, PTI, and PUI, Fig. 4, is operated. As a result, the ground potential on conductor I|1 is extended by way oi' conductor Ia in cable I20 to the upper winding of the A relay I0| in the price-range group PRA. Therefore, relay I0| is operated and places marking battery on the conductor a in cable, 3|3 so that a marking impulse is transmitted in the A position of the price-range segment group in the first half of the ring 2|0.

Just before the brushes of the distributor comlplete the sending of the instant stock quotation, brush 302 passes over the B-start segment BS, to which conductor 2 of cable 2|I is connected, thereby extending an operating potential to the common start relay ln the group TSB correspending to the common start relay in the group TSA, thereby operating such relay (in the event that a quotation is waiting) to prepare for the transmission of a stock quotation from either of the transmitters T2 and TI.

Upon a further advance of the brushes oi' the distributor au. bmah an mund. :ne s-nnun segment AF in ring 201, thereby extending a circuit over conductor 2 in cable 2II to cut-oil' relay III, by way of contacts ot the operated relays III and III. Relay III now operates and locks itself to start conductor Ia associated with transmitter TI, at' the same time disconnecting start relay II I. Start relay III now deenergizes and opens the circuit of relayvIII,` whereupon relay III .deenergizea Relay III remains operated over conductor Ia for a short interval in case the transmitter TI has not ilnlshed its operation, but falls back responsive to the restoration of start relay II'I in case the transmitter relay III at itslower armature at the same time that it disconnects start relay II I By this operation, a quicker restoration oi relays |22 and III is assured.

At this point it may be mentioned that the relays I|2 and I|2 co-operate with relay III in the manner described in connection with relays IIO and III to secure the proper telegraphic transmission of a stock quotation set up on the transmitter T2, while the transmitter-sequence relays TSB operate in conjunction with the transmitters T2 and TI in the lsaine manner as relays TSA operate in conjunction with the transmitters TI and T2.

Operation of the telegraph receiver In the telegraph receiver of Flg..5, the distributor 500 is operating continuously and in synchronism with the distributor 200, and the receiving' brush 50| is placing negative spacing potential on each of the segments of the ring 50I when no stock quotations are being received. While a stock quotation is being received, however, the negative spacing potential is replaced by ypositive marking potential in each marked code unit position.

The code relays in the registers RI to RI, the code Arelays 52|' to 52I of the register RI for example, are connected at their upper terminals to the negative pole of the current source, with the result that they respond to. a positive application of potential but Inot to a negative application of potential.

` Itmay be pointed out that the rings 50S-509 of the distributor furnish locking current for the relays in registers RI to RI, respectively, the locking current being progressively connected and progressively disconnected from the locking circuits of the registers RI to RI by the brush 502 in a manner which is apparent upon inspection, the application of locking potential be- Y Ing made successively through segments 53 |-550 of rings 505-509. It is also to be noted that segments 50i- 500 in ring 5|| are connected in regular order to the conductors leading to the` sending relays of the registers R|-RI, sending l'reare bridged by the brush 502.

transmitted by way of the first vsegment in ring 3|0 of-transmitter 300 ls'received over the first segment in ring 504 of the transmitter 500, operating the A relay 52| of theregister RI. Relay 52| operates and closes a locking circuit for itself at its lower armature by way of ring 5|0 and segment 53| of ring 505, which two rings As the brushes of the receiving distributor 500 continue to advance, the stock-hundreds, stock-tens, and stockunits digits are received and stored in the registers R2,R3 and R4.

As soon as sending brush 503 reaches the segment 55|, a circuit is closed for sending relay r520, by way of ,the inner upper contacts of re- /lay 52|, whereupon relay 520 .operates for the duration of the contact between brush 503 and segment 55|. Upon operating, relay 520 closes points in the circuits of the relays A to D of the repeater R, butonly relay A of the repeater is able to operate at this time because only the A relay 52| of the register RII is operated. Relay A of the repeater R makes a momentary substitution of positive marking battery in place of negative spacing battery over the A conductor of each of the associated stock-quotation lines.

Upon the further movement of the brush 503, thesegments 552, 553, and 550 are grounded in the, order named, resulting vin the momentary energization of the sending relays of repeaters R2-R4 to end out thek stored stock-hundreds, stock-tens, and stock-units digits.

As may be observed, the locking circuits of the registers RI-R4 are opened in each case at about the same time that -the circuit of the associated sending relay is opened, with the result that the registers are progressively restored' as fast as the stored digits are retransmitted.

From the foregoing, it will be seen that the reception and retransmission of the stock-quotation digits at the telegraph receiver proceed together until all of the digits have been received and retransmitted over the stock-quotation line by way of the stock-quotation repeater R. More in particular, it may be pointed out that the registers Rl-Rl are reoperated to store and control the retransmission of the stock-range, pricerange, price-hundreds, and price-tens digits, respectively, and the registers RI and R2 are again brought into play to store and control the retransmission of the price-units and price-fractions digits, while the registers R3 and R4 are immediately available to store and control the retransmission of the receiver-selecting digit and the stock-hundreds digit of the next succeeding stock quotation.

Operation of the stock-quotation receiving apparatus In the receiving apparatus of Fig. 6, polarized line relay responds to the rst application of marking potential to the associated line conductor and closes an operating circuit over the associated conductor A for the first of the four shunted, slow-releasing relays ||04| |01. Relay ||00 is accordingly operated to place a. ground potential on the holding conductor 501, thereby 50|, a circuit is closed over the associated A conductor and by way of contacts of relays 505 and 505 for selecting relay ||0|, associated with the receiver REI. Relay |0| operates and closes a locking circuitfor itself ink series with transfer relay 505, so that relay 505 operates in series with relay ||0| as soon' as the relay 490| restores. Upon operating, relay 505 disconnects relay ||0| from conductor A at its middle armature; prepares a circuit (to be later referred to) for relay ||02 at its lower armature; and at its inner armature it extends ground potential from conductors 501 and 509 to transfer control conductor H30 and holding conductor H29 of the receiver REI.

As a result of the above-mentioned operation of relays ||0| and 505 in response to the operation of relay 50|, the receiver REI has been selected for operation in substantially the manner explained in the Robinson et al. application hereinbefore referred to.

Responsive to the stock-hundreds, stock-tens, stock-units, and stock-range digit-impulses, the corresponding digits are registered on the registers SH, ST, SU, and SR (of which only the transfer relays, ||2|, ||23, H25, and ||21, are shown). When relay ||21 operates, it prepares operating circuits at its inner upper armature for the transfer relays |20|, |203, |205, |201, and |209, associated with the registers PR, PH, PT, PU, and PF, respectively. At its middle upper armature, relay ||21 opens one multiple connection in the holding circuit of the receiver REI, while at its upper armature it closes a point ina selecting circuit for the relays ||02 and 505. associated with the receiver RE2.

At this time, connecting relay |202 of the pricerange register PR is operated responsive to the operation of relay ||21, and it connects the associated A, B, and C conductors to the register re- -lays A, B, and C of the register PR. Then, when the price-range digit is'received (constituting in the assumed example an impulse over the channel A), relay A of the register PR operates and closes a locking circuit for itself in series with transfer relay |20|. As a result, relay |20| operates in series with the A relay of the register PR, as soon as the operating impulse subsides. When transfer relay l20| operates, it closes a circuit at its inner upper armature over conductor |2|| for the start relay |4|0 of the local sender (not shown); and it places ground potential on conductor 501 at its upper armature so as to maintain this conductor grounded for the time being independent of the continued operation of holding relays ||04-||01, for a purpose which will be explained more fully hereinafter.

Coincident with the receipt and registration of the price digits on the registers PH, PI, PU, and PF, transfer relays |203, |205, |201, and |209 are operated, respectively. At its inner upper armature relay |209 nally disconnects conductor 509 from the holding conductor 501, permitting relays 505 and |0| and transfer relays ||2|, |23, ||25, and |21 to restore and the register relays (not shown) of the registers SH, ST, SU, and SR to clear out preparatory to the receipt of a subsequent quotation intended for the receiver REI.

At the same time, relay |209 at its upper armature connects the B channel (controlled by the B line relay 502) by way of contacts on relay |21, the lower armature of the relay 505, and contacts of relay 505, to the selecting relay |02 associated with the repeater RE2. 'I'his connection is made at this time, just upon the moment of the operation of relay |209, so las to prepare a circuit immediately for the operation of relay H02 responsive to the selecting impulse of the next succeeding quotation. This circuit connection is replaced almost immediatelyat the lower contacts of relay 005 with a more direct circuit connection from the B conductor to relay H02 through the normally closed contacts controlled by the lower armature of relay 605. It will be seen, therefore, that the receiver-selecting impulse of the next succeeding quotation can be received immediately at relays H02 and 606 to effect the selection of the receiver RE2.

With the relays 605, |I2I, H23, H29, and H21 restored, the continued energization of relays II, |203, |205, |201, and |209 is dependent upon the new holding circuit established for these relays over conductor I I3I at the inner lower contacts of start relay I4|6, and including the inner lower contacts of relay I4|9. Relay HIS, it may be pointed out, is the relay which operates; at: the

conclusion of the posting of -the stock quotation. At its middle upper armature relay II21 again prepares a holding circuit over conductor 609 for relay 605, in the event that the rst impulse of the next quotation for the receiver REI arrives and operates relay IIOI before the quotation-last received at this receiver has been completely posted and relay |209 has restored.

As soon as the quotation received on the receiver REI has been iinally posted under the control of the local sender (not shown), relay I4I9 is operated by way of its lower winding and vit closes a locking circuit for itself at its inner upper armature by way of the corresponding armature of relay l|4I8. At the same time, relay III! opens the holding circuits of relays I20| |203, |205, |201, and |209. The relays mentioned now restore, together with the operated register relays in the registers PR, PH, PT, PU, and PF. Ground potential is now removed from start conductor I2I I, whereupon start relay I 4| 0 restores and permits relay HI 9 to restore.-

'I'he quotation received at the receiver REI has now been completely disposed of and the receiver hasv been finally cleared out.

The receiver RE2, it will be understood, is similar to the receiver REI except that the upper armature of the relay therein corresponding to relay |203 of the receiver RE I is connected to conductor A instead of to conductor B, whereby a circuit for selecting relays I IOI and 605, associated with the receiver REI, is prepared as soon as a quotation is completely registered in the receiver R-E2.

Handling the digit blank As has been pointed out hereinbefore, the keys at the transmitting keyboard include a blank key for the control of the setting up of a blank indication on either of the price-hundreds, pricetens, and price-units indicators in a selected group at the display board. 'Ihe operation of the blank key for the price-hundreds digit, for example, results in the grounding of the eleventh conductor in the group PH (the transmitter TI). Since this eleventh conductor is grounded also, along with the twelfth conductor, when the socalled no reset key is operated, the eleventh conductor is taken through contacts on the relay PHI Fig. 4, so that relay PHI disconnects the eleventh conductor, when such relay is operated over the twelfth conductor in group PH o! the transmitter TI. The remaining' eleventh conductors are carried through contacts on the respective associated relays controlled over the twelfth conductors, as may be seen in Fig. 4.

It is .to be noted that the eleventh conductors in groups PH, PT, and PU, Fig. l, are carried through i contacts of the relays |25, |26, and |21, whereby they aren rendered eective in the proper sequential order, while the twelfth conductors of these groups, in addition to connecting to the coders CI and C2 by way of the contacts of relays |25-|21, are wired directly to the relays inthe lowerrighthand corner of Fig. 4 so as to control the transgrounded. Under this condition, when the pricehundreds relay |25 in group DSRI is operated, the grounded eleventh conductor in group PH is con- .nected to conductor Ia in cable I I 0, thereby closing a circuit by way of the upper contacts of relay PHI, vand conductor 404 for the upper winding of the price-hundreds blank relay 3I'I. Relay 3H thereupon operates and brings about the operation of the A, B, and C code relays 322, 323, and 324 to bring about the transmission of A, B, and C marking impulses in the price-hundreds group.- Similarly, the operation of relays |26 and |21 results in the successive connecting up of grounded eleventh conductors to conductors Ib vand Ic in cable I I0, and in the consequent successive operation of blank relays 3|8 and 3I6, Fig. 3, by way of contacts of relays PTI and PUI, Fig. 4.

As explained in the hereinbefore-mentioned application of Robinson et al., the transmission of the digit blank results in the operation of a relay combination in the receiver to open the resetting circuit of the concerned indicator so as to leave the indicator standing in its blank position after it has been resto-red responsive to the first operation of the local sender.

Handling abbreviated quotations In some instances, a new quotation may differ from the one last posted for a given stock or item only in that the fractions digit has changed, in which case it is unnecessary to reset the hundreds, tens, and'units indicators. In other cases, the uni-ts vand fractions digits both may have changed, in which case it is necessary merely to reset the units and fractions indicators;while in still other cases, the tens, units, and fractions digits differ from the previous quotation, in which case the tens, units, and fractions indicators are to be reset. In order to illustrate how an abbreviated quotation is handled, it will be assumed that a quotation is being set up on the transmitter Ttwhich diilers from the quotation last transmitted concerningthe same stock only in that the fractions digit has changed. In this case, the operatordepresses the no reset key referred to hereinbefore so as to cause a price-hundreds no-reset condition to be set up, and she depresses the same key for price tens, and also for price units. As hereinbefore explained, the construction of the transmitter T I is such as torequire the grounding of conductors II and I2 in the concerned one of the conductor groups PH, PI', and PU when the "no reset key is depressed. In this case, therefore, the eleventh and twelfth conductors are grounded in all three of these conductor groups sets.

'Ihe grounding of the twelfth conductors in sets PH, PT, and PU closes circuits over conductors I c,

, Id, and e in cable |09 for the price-range control relays PHI, PTI, and PIII, Fig. 4. At their upper contacts, relays PHI, PT|,-and PUI o pen connections which prevent the energization of the relays 3 Iii- 3 I 8, Fig. 3, while at their lower contacts they connect conductor 4|1 to conductors Ia and Ic in cable 430, thereby energizing the A and C pricerange relays 40| and 403. The energization of relays 40| and 403 predetermines the transmission of marking impulses in the A and C positions of vthe price-range digits'. Relay 33|, together with the corresponding relay in the coder C2, prevents the transmission of marking impulses under the control of the zero relays (such as 330 of the coder Ci) in the price-hundreds, price-tens, and priceunits positions.

When the hundreds and tens indicators are to' be left unchanged, and the units and fractions indicators are to be reset, relays PHI and PTI are operated, while relay PU| is not operated. In this case conductor 4|1 is connected to conductor |c only, causing the C relay 403 to operate and'transmit a marking impulse in the C position of the price-range digit; when only the hundreds digit is to be skipped, may PHl 1s" operated and relays PTI and PUI are not operated, resulting in the transmission of a marking impulse in the B position of the price-range digit under the control of relay 402.

In the receiver RE2, Fig. 6, when the pricerange digit includes marking impulses in the A and C positions, the A and C relays of the pricerange register PR are both operated. In this case, relay A locks itself in series with transfer relay I20|, as hereinbefore described, while relay C locks itself through contacts of relay A in series with transfer relay |201 of the price-units register PU. Accordingly, whenthe impulses constituting the price-range digit subside, relays I20| and |201 operate. Relay |201 prepares for the operation of the price-fractions register PF responsive to the next digit, which in this case is the price-fractions digit. At the same time, at their outer armaturesrelays A and C in the price-range register PR disconnect the conductors U, T, and H from the fractions-restoration conductor |423, thereby preventing restoration of the hundreds, tens, and units selected indicators.

When relay C is operated alone in the pricerange register PR (indicating that units and fractions digits are to be received) it locks itself by way of contacts of the nonoperated A relay in series with the price-tens transfer relay |205. Relay |205 operates and prepares for the next digit to be received on the price-units register PU. At the same time, relay C connects the units and fractions conductors U and F together so that the *restoration impulses are transmitted tc the units selected indicator as well as to the fractions selected indicator.

When the'price-range relay Bis operated alone, it locks itself in series with the price-hundreds transfer relay |203 to prepare for the receipt of price-tons, price-units, and price-fractions digits in the registers PT, PU, and PF, and it' connects the units and tens conductors U and T to the price-fractions restoration 'conductor F, thereby preparing for the restoration of the units andv tens selected indicators.

In the event that one or more of the no reset key operations take place for one or more of the digits relating to the hundreds, tens, and units 4price denominations, no impulses are received by relays 00| to 604 in the space allotted to the coninterconnecting means for establishing two separate stockquo.

cerned digits. Under this condition, the slowacting holding relays ||04| |01 may all restore during the no-impulse interval. In order to guard against a premature ungrounding of the holding conductor 601 under this condition, each of the transfer relays |20|, |203, |205, and |201 is 'arranged to ground the conductor 601 upon operation. vAs a result, as soon as any one of these transfer relays has operated, the relays ||04||01 may all restore without causing any harmful results. At the same time, it should be particularly noted that the grounding of 'conductor 601 by these relays does not preclude the clearing out of the receiving equipmentV under abnormal conditions when the incoming impulses have ceased for the purpose of permitting synchronization. This is so because the same relays which place the additional ground potential on 4conductor 601 also start the operation of the local What is claimed is: 1. In a stock-quotation system, a stock-quotation transmitting station and a remote group of stock-quotation receiving stations, a telegraph transmitter located adjacent the transmitting station and a'telegraph receiver located in the vicinity of the receiving stations, a telegraph line said telegraph instruments,

tation channels successively over said line, each channel having a capacity suiliclent to enable all of the digits of a stock quotation to be transmitted thereover successively during a single continuous time period allotted to such channel, means under the control of Vthe stock-quotation transmitting station for transmitting stock quotations by way ofthe telegraph transmitter over said line to the telegraph receiver over the said channels successively, a stock-quotation line'extending from the telegraph receiver to the receiving stations, means at the telegraph receiver for retransmitting all received stock quotations in common over said stock-quotation line to the receiving stations, and means controlled from the stock-quotation transmitting station and located at the telegraph receiver for prefacing each stockquotation transmitted over said stock-quotation line by a signal indicative of the channel over which the stock quotation is received at the teleof sets of conductors, means for associating said coders with said conductor sets successively, each coder being used a plurality of times, to code the digits indicated by selected conductors, and means for transmitting each digit coded by said coders.

3. In a stock quotation transmitter, a sending distributor, a transmission line, a plurality of sets of contact segments in said distributor adapted to be successively connected to said line, there being sufficient of said sets to transmit all the digits of a stock quotation over said line, a duplicate plurality of contact sets in said distributor adapted to be connected to said line alternately with said first plurality, coding means common to both pluralities of contact sets for marking each plurality oi contact sets in accordance with the digits oi a quotation, .and means for connecting iirst the contact sets of one plurality and then those of the other plurality with said line as set forth.

4. In a stock quotation system, a telegraph line extending i'rom a transmitting multiplex distributor to a receiving multiplex distributor, said distributors being provided with sumcient transmitting and receiving segments to provide two complete stock quotation channels over said line. each channel having suilicient capacity to provide' for the lcode-transmission of all the digits of a complete stock quotatim, means on which stock quotations areset `up for transmission over said channels, and means for transmitting the set up quotations over said channels alternately.

5. In a stock quotation system, means for transmitting the digits of a stock quotation over a single wire line by means oi a multiple unit code, the code for each digit having the same number of units, a stock quotation receiver, a line extending to said receiver having as many conductors as there are units in said code, and i means for retransmitting said digits over the second line by sending impulses over said conductors singly and in combination.

6. In an apparatus of the character described,

the combination of a one-wire receiving distributor, a series of groups of storage relays operated by pulses over said receiving distributor, means for holding 'said relays operated, a fourwire retransmitting distributor for transmitting pulses over contacts of said storage relays when operated, means controlled by 'said receiving distributor for setting said retransmitting distributor in operation, and means also controlled by said receiving distributor for releasing said storage relays.

7. In an apparatus of the character described, the combination of a one-wire four-unit-code receiving distributor, storage relays adapted to be energized over said distributor, holding circuits for said storage relays, a four-wire four-unit code-retransmitting distributor operable to transmit pulses over contacts of said storage relays, means under control of said receiving distributor for setting said retransmitting distributor in operation, meansalso controlled by said receiving distributor for releasing said storage relays, and a channeling mechanism controlled by said distributors for retransmittlng the fourunit code received as a channel-one or channeltwo transmission.

HAROLD C. ROBINSON. 

